Wyoming legalized online sports betting - crypto wagers allowed too - page 4.

Twinkledoe

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Quote from: notblox1 on April 09, 2021, 04:58:21 PM

This is good news but I still prefer if websites would accept betting with Bitcoin and other crypto coins instead of converting to fiat.
All betting websites from Wyoming would still requiere from users to pass kyc verification and there is no way to preserve privacy so I would prefer full crypto alternative is possible.

But if nothing else, this will be a good introduction for some of their residents to real crypto casinos. When they find out that there are crypto casinos that don't require KYC, I think, they will prefer on this one. But right now, they need to learn how to transact with crypto, and later on, they will understand how real crypto casinos work.

notblox1

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This is good news but I still prefer if websites would accept betting with Bitcoin and other crypto coins instead of converting to fiat.
All betting websites from Wyoming would still requiere from users to pass kyc verification and there is no way to preserve privacy so I would prefer full crypto alternative is possible.

Lanatsa

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Quote from: Yogee on April 09, 2021, 01:19:30 PM

If you're from that State and you haven't heard this yet,

Quote

House bill 133, which the governor signed Monday, lets sportsbooks accept “digital, crypto and virtual currencies” bets in lieu of greenbacks – so long as those cryptos can be converted to cash.

- https://www.coindesk.com/wyoming-accepts-crypto-bets-sports-gambling

That "in lieu of greenbacks" means the USD value will be reflected in user's balance correct? That will probably disappoint crypto users there but it still good that they don't have to sell their crypto for fiat themselves so they can gamble on sportsbooks. Some platforms here does that too anyway.

Good news for those who do lived in Wyoming! At first I was bit curious on where this place is located and found out that this is a least populous state of the United States.

So its expected that USD value would really be displayed on in spite of your crypto deposits but well this isn't really that much of a big issue as long we can make out conversions
of those balance back to crypto.

It might be on a different view while you play but well this is much better than make out those conversions first on other services or platforms before you can able to play.

mindrust

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Quote from: Yogee on April 09, 2021, 01:19:30 PM

If you're from that State and you haven't heard this yet,

Quote

House bill 133, which the governor signed Monday, lets sportsbooks accept “digital, crypto and virtual currencies” bets in lieu of greenbacks – so long as those cryptos can be converted to cash.

- https://www.coindesk.com/wyoming-accepts-crypto-bets-sports-gambling

That "in lieu of greenbacks" means the USD value will be reflected in user's balance correct? That will probably disappoint crypto users there but it still good that they don't have to sell their crypto for fiat themselves so they can gamble on sportsbooks. Some platforms here does that too anyway.

"so long as those cryptos can be converted to cash"

I didn't understand this part. So does that mean it is still not allowed if the casino doesn't let you convert your crypto to USD? That means the casino will have to set up a banking account since it is going to deal with USD and it is not going to be possible to establish a crypto only casino, am i correct? If the casino has a bank account, the government can check the ingoing/outgoing transactions, ask questions etc etc. I guess it is a good thing.

Yogee

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Quote from: Fortify on April 09, 2021, 01:29:35 PM

It's good news for Bitcoin holders, slightly strange that they needed to pass a law to accept these funds - maybe that helps with money laundering requirements.

It's not like that. The law was about authorizing online sports wagering and part of the accepted payment method is cryptocurrencies.

Quote

I wonder if the betting sites will be forced to offer a mechanism for people to exchange any potential winnings into a fiat cash payment, or they are simply saying that any convertible-to-cash currency will be allowed (including ones that you need to exchange outside of the gambling site).

I'm also thinking of the process. Perhaps someone more diligent to read the entire ACT can explain to us if platforms will allow users to convert it back to crypto upon withdrawal.

Fortify

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It's good news for Bitcoin holders, slightly strange that they needed to pass a law to accept these funds - maybe that helps with money laundering requirements. I wonder if the betting sites will be forced to offer a mechanism for people to exchange any potential winnings into a fiat cash payment, or they are simply saying that any convertible-to-cash currency will be allowed (including ones that you need to exchange outside of the gambling site). Step by step Bitcoin is taking over and it is much less susceptible - having a fixed amount - to monetary inflation than the US government printing money whenever they want to hand out checks.

Yogee

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If you're from that State and you haven't heard this yet,

Quote

House bill 133, which the governor signed Monday, lets sportsbooks accept “digital, crypto and virtual currencies” bets in lieu of greenbacks – so long as those cryptos can be converted to cash.

- https://www.coindesk.com/wyoming-accepts-crypto-bets-sports-gambling

That "in lieu of greenbacks" means the USD value will be reflected in user's balance correct? That will probably disappoint crypto users there but it still good that they don't have to sell their crypto for fiat themselves so they can gamble on sportsbooks. Some platforms here does that too anyway.

Topic: Wyoming legalized online sports betting - crypto wagers allowed too - page 4. (Read 516 times)